(Answered) Question if a 12 percent rise in the price of orange juice

Economics

Question: If a 12 percent rise in the price of orange juice decreases the quantity of orange juice demanded by 22 percent and increases the quantity of apple juice demanded by 14 percent, calculate the:

a. Price elasticity of demand for orange juice.

b. Cross elasticity of demand for apple juice with respect to the price of orange juice.

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Microeconomics, Economics

Category:- Microeconomics
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